Shares of Capri Holdings Ltd (CPRI), the luxury fashion group that owns iconic brands such as Michael Kors, Jimmy Choo, and Versace, are soaring 8.26% in intraday trading on Wednesday. This significant uptick comes on the heels of a major upgrade from JP Morgan, signaling increased confidence in the company's prospects.

JP Morgan has raised its rating on Capri Holdings from Neutral to Overweight, while simultaneously boosting its price target from $24 to $30. This represents a substantial 25% increase in the expected value of the stock. The upgrade is based on several positive factors, including an acceleration in retail comparable sales in the current quarter and expectations of improved retail sales in the second half of FY26 due to enhanced product and marketing strategies.

The investment bank also anticipates a stabilization of retail door count and wholesale revenues into FY27, further supporting their bullish outlook. This vote of confidence from a major Wall Street firm has sparked renewed investor interest in Capri Holdings, despite the stock having fallen approximately 35% year-to-date prior to this surge. As the market responds to this upgraded status, all eyes will be on Capri Holdings to see if this impressive gain can be sustained in the coming days and weeks.